Property Overview: 533 Langevin Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, century-old home (built 1912) in Winnipeg's Central St. Boniface neighbourhood. Its key characteristic is its modest scale: with 739 sqft of living space on a 3,121 sqft lot, it is notably smaller than most homes on its street and in the wider city. There is no basement, garage, or pool.
The primary appeal lies in its position as an entry-point property in a central, historic area. Its very low assessed value reflects its size and condition, suggesting it is a candidate for a full renovation, a hold for land value, or a minimal-footprint living option. It would suit a specific type of buyer: an investor or handy first-time buyer looking for a project in a established neighbourhood, someone seeking the lowest possible price point to enter the market, or a builder/developer considering the lot's potential relative to the existing structure. A less obvious perspective is that its small size and lack of basement could appeal to those seeking simplicity and lower maintenance costs, provided the main floor is livable. Its age means charm is possible, but it also implies that systems, wiring, and insulation likely require modern updates.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's current state, size, and features. This home's very small living area, age, and lack of a basement or garage place it in a different category than the average Winnipeg house, resulting in a proportionally lower valuation.
2. What does "One & 3/4 Storey" mean for this home?
This style typically means the home has a main floor and a second floor under a sloped roof, where the upstairs rooms may have lower ceilings or limited headspace in parts. Given the small total square footage, the upper floor is likely quite compact.
3. Is this a teardown property?
While the data doesn't state this explicitly, the combination of very low assessed value, small size, and age means many buyers would evaluate the cost of renovation versus replacement. The decision would depend on the foundation condition, interior layout, and personal investment goals.
4. How does the small lot size impact its potential?
At 3,121 sqft, the lot is below average for the area. This may limit expansion possibilities for the existing footprint or the size of a potential new build, as you must adhere to local zoning setback rules. It's important to verify the specific zoning regulations.
5. The home sold for $15,200 in 2021. What does that indicate?
A sale price significantly below even the low assessed value often indicates the property was sold in as-is condition, likely requiring significant work, or was part of a non-arms-length transaction (e.g., between family members). It highlights that the property has been a low-value asset for some time.